Aided by promising news on the Chinese economy, Wall Street continued its post-shutdown sigh of relief Friday, sending shares in the U.S. and Europe higher.
Stronger-than-expected third-quarter results from Google Inc., derived in part from its success with mobile platforms, sent its shares soaring $122.61, or 13.8 percent, past the $1,000 plateau, hitting an all-time high of $1,015.46 before ending the week at $1,011.41. That allowed the Nasdaq to pace U.S. markets with a 1.3 percent gain to 3,914.28.
The S&P 500 Retailing Industry Group picked up 0.8 percent to 862.26 as specialty store issues excelled. The day’s biggest gainer among stocks tracked by WWD was Coldwater Creek Inc., which rose 12.5 percent to $1.17. It had declared itself open to strategic alternatives on Monday. Cache Inc., New York & Co. Inc. and Zumiez Inc. rose 8.7, 4.7 and 3.7 percent, respectively, to $6.28, $5.35 and $29.91 in the run-up.
A relatively small group of decliners included several of U.S. retailing’s heaviest hitters, such as Wal-Mart Stores Inc., Target Inc., Macy’s Inc. and Kohl’s Inc., but none shed more than 0.3 percent. J.C. Penney Co. Inc., however, gave back 4.8 percent, descending to $7.
The Dow Jones Industrial Average rose 0.2 percent to 15,399.65 while the S&P 500 advanced 0.7 percent to 1,744.50.
European markets perked up earlier in the day as data showed China’s GDP expanded 7.8 percent during the third quarter, its strongest performance of the year despite signs of weakness in retail sales and manufacturing last month.
The CAC 40 in Paris led the way, ahead 1.1 percent to 4,286.03. London's FTSE 100 gained 0.7 percent to 6,622.58, Frankfurt's DAX expanded 0.6 percent to 8,865.10 and Milan's FTSE MIB advanced 0.4 percent to 19,271.02.
The pound traded at $1.61 against the dollar and the euro fetched $1.36.
Retail and luxury stocks mostly registered gains, with the day's biggest movers including Safilo, up 5.3 percent to 14.59 euros; Mulberry, 3 percent to 9.99 pounds; and L'Oréal, which gained 3.6 percent to 127.50 euros, after it said it was in talks with Shiseido Co. Ltd. to acquire the Carita and Decléor brands from the Japanese company.
Among the few stocks giving ground was Carrefour, which lost 1 percent to 27.36 euros.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)